Odisha Loan Application Fraud: Watch Notice Against Chinese National | Bhubaneswar News
BHUBANESWAR: The Immigration Office has issued a watch circular (LOC) against a Chinese national in connection with the Koko Loan Application Fraud Casefollowing a request from economic crimes wing here.
The EOW, investigating allegations of cheating and harassment by loan app operator Koko at Odishasaid a 33-year-old man Liu Yi orchestrated the fraud.
“We learned that Yi is running many illegal loan applications in India. Koko, Jojo, Golden Lightening Loan, Silver Credit Loan, Gold Cash Loan, Little Borrow Loan, Tap Credit Loan, Kredit Bear Loan, Speedy Rupee Loan, Xpress Credit Loan and Kredit Plan Loan are some of the dubious applications created by Yi to trick and harass people,” EOW Deputy Inspector General JN Pankaj said.
The investigative agency said Yi, along with two other Chinese citizens, started his illegal business in Bangalore in 2019. His parent company was Jianbing Technology in Hangzhou, China. He is also a director of several other fictional companies.
Illegal loan apps provided short term loans to people instantly. They mass message people and insist on downloading their apps for instant loans without any verification. After downloading the apps, users are required to allow the apps to allow access to their contact lists. Users are then asked to complete a KYC form including the account number to receive the loan amount.
Within minutes, the loan money is credited to the accounts of the applicants. The company then began to torture the applicants. Their agents compel the beneficiaries to repay three times the amount of the loan within a few days. “When loanees ignore their calls and messages, the apps hack into their contact lists and send abusive and vulgar messages to their acquaintances,” Pankaj said, adding that many such victims have committed suicide in some states.
The EOW recently wrote to Google, demanding the removal of at least 45 of these fraudulent lending apps from its Play Store. The agency has so far arrested five people – Mohammad Javed Saifi (from Ghaziabad), Tarun Dudeja (Gurgaon), Ram Shriram Pathade (Mumbai), Rakshith and Sushanth (both from Karnataka) in connection with the money fraud. Koko loan app.